The new guidelines now require federally regulated financial institutions to vet applicants for uninsured mortgages by using a minimum qualifying rate equal to the greater of the Bank of Canada’s five-year benchmark rate (currently 4.99 per cent) or their contractual rate plus two percentage points.

“That’s a huge, huge reduction in their borrowing power,” Peter Paley, mortgage broker with Dominion Lending Centres said. “If a family was qualified for up to $400,000 dollars before Dec. 31, now they’ll be qualified to $320,000.”

Paley said he’s already seen the impact.

“We already have two files on our desk where the people aren’t going to qualify and they’re going to be forced to seek out higher interest rate lending options,” he said.

Stewart believes the people impacted by the changes will be surprised.

“Those people that are looking to maybe make changes to their mortgage, maybe refinance, maybe take out some equity in their home — and people who’s mortgages that are coming up for renewal,” Stewart said.

Winnipeg realtors like Glen J. Sytnyk aren’t worried about the impact on the Winnipeg housing market.

“I think a lot of people in Winnipeg don’t max out their budgets now. Most of my buyers they say I can afford to spend $500,000 but I am happy with a $400,000 home. I’m not going to my max. I’m not going as far as I can to spend money,” he said.